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JeopardyThat’s aGimme
Ups and Downs
Back and
ForthThat’s aStretch
I LikeStructure
Q $100
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Q $400
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Q $200 Q $200 Q $200 Q $200
Q $300 Q $300 Q $300 Q $300
Q $400 Q $400 Q $400 Q $400
Q $500 Q $500 Q $500 Q $500
Final Jeopardy
$100
Desire+
Willingness and Ability to Pay
$100
What is Demand?
$200
Area of Economics that explains behavior and decision making by individuals and smallfirms.
$200
What is Microeconomics?
$300
The quantity demanded of a good or service varies inversely with its price.
$300
What is the Law of Demand?
What do salt, insulin, business class airline tickets, alcohol and cigarettes
have in common?
$400
They all have inelasticdemand, and considered necessities
$500
An increase in the price of a product and a decrease in quantity demanded for that product has this effect on the demand curve.
$500
What is a movement along the curve?
$100
An increase in consumer income has this effect ina free market economy.
$100
What is anincrease in Demand?
$200
This explains that people purchasemore of a product when the price goes down because they feelbetter off.
$200
What is the Income Effect?
$300
Flashlights and Batteries.
$300
What are complements?
$400
The price for Colgate toothpaste increases causing this effecton the demand curve for Crest toothpaste. .
$400
It shifts to the right.
$500
A storm is predicted to dump 12inches of snow overnight. Asudden increase in the demandfor milk, eggs and bread is explained by a change in this.
$500
What is Consumer Expectations?
$100
This model represents the quantities demanded by everyone who is interested in purchasing a product at each and every price.
$100
What is a market demand curve orschedule?
$200
A decrease in the price of Charmin toilet tissue that causes Northern toilet tissueconsumers to switch to Charmin is explained by this.
$200
The substitution effect?
$300
Why an increase in the price ofpropane gas results in higher revenues for Franger Gas Co.
$300
It is an inelastic product?
$400
Congress passes legislation to suspend the gas tax startingtomorrow. Consumer expectations causes thisimmediate effect.
$400
Decreased demand for gastoday.
$500
The government raises the Social Security tax causingdemand for all goods andservices to drop. What factorcauses this to happen?
$500
What is a decrease inconsumer income.
$100
The extent to which a change in price causes a change in quantitydemanded.
$100
What is demandelasticity?
$200
If a particular product has a change in price, say 10%,that causes a relatively larger change in quantity demanded, say 15%, it is said to be this:
$200
What is demandelastic?
$300
When a change in the price ofa product does not change thetotal revenues for that product, it is said to be this:
$300
What is unit elastic?
$400
Why an increase in the price of Gillette shaving cream results inlower revenues and profits.
$400
It has many substitutes and is demand elastic?
$500
The price of a postagestamp increases causingrevenues to increase. Why?
$500
It is an inelastic product with no substitutes?
$100
When prices increase, and total revenues decreasedemand is said to be this.
$100
What is elastic?
$200
If a product you likecosts you a tiny fractionof your income, thatproduct is:
$200
Inelastic?
$300
Airlines are reluctant tooffer reduced round tripairfares during holidaysfor this reason.
$300
Airline tickets aredemand inelastic during the Holidays.The should raise prices
$400
A hamburger stand raised theprice of hamburgers from $2.00 to $2.50 and sales fellfrom 200 to 180 per day. UsingThe revenue method are thesehamburgers demand elasticor inelastic
$400
Inelastic?
$500
In the long run products likegasoline and waterare said to be this.
$500
More elastic.
Final Jeopardy
The reason that the demand for middle eastern food has increased.
Final Jeopardy Answer
What is a change in demographics?
